Is an amendment worth it?

[afrystak89]

Hello, when I initially completed the deductions part of my taxes, I came in about $100 short of the typical standardized deduction threshold, so I took the standard deduction.  However, the day after I submitted, I realized I forgot to include about $2,000 worth of medical expenses that I paid out of pocket. When added to what I initially claimed as deductions, this would take me over that standard deduction threshold and into itemized deduction territory. 

So my question is, is it worth filing an amendment in this situation? Not sure what the difference in my return would be, but if it's substantial enough, I'd be interested in amending my return.

Thanks!

[RobertB4444]

Sounds worth looking into to me.

The medical deduction requires that you spend more than 7.5% of your income on medical expenses before the deduction is allowed.  So if these are your only medical expenses they may not move the needle on this at all.  But it will only take a couple of minutes to log in to TurboTax, click the 'amend' button on your 2024 return, enter the medical expenses and see if there are any changes.

If they aren't significant or if there is no change at all then just exit out without saving.  

@afrystak89 

[xmasbaby0]

When you say the $2000 of out of pocket medical expenses takes you over the threshold to itemize--are you also considering the threshold to use medical expenses?  You can only use the medical expenses that are OVER 7.5% of your AGI.   

MEDICAL EXPENSES

The medical expense deduction has to meet a rather large threshold before it can affect your return. The amount of medical (including dental, vision, etc.)  expenses that will count toward itemization is the amount that is OVER 7.5% of your adjusted gross income. You should only enter the amount that you paid in 2024—do not include any amounts that were covered by insurance or that are still outstanding.  Of course, your medical expenses plus your other itemized deductions still have to exceed your standard deduction before you will see a difference in your tax due or refund.

To enter your medical expenses go to Federal>Deductions and Credits>Medical>Medical Expenses

2024 STANDARD DEDUCTION AMOUNTS

SINGLE $14,600    (65 or older/legally blind + $1950)

MARRIED FILING SEPARATELY            $14,600    (65 or older/legally blind + $1550)

MARRIED FILING JOINTLY $29,200    (65 or older/legally blind + $1550)

HEAD OF HOUSEHOLD $21,900    (65 or older/legally blind + $1950)